Akzo Nobel finalises takeover of ICI

Akzo Nobel has now completed the £8 billion takeover of ICI to form the world’s largest paint maker and maintain its lead in industrial coatings which was under threat from US group, PPG Industries, who are currently in the process of buying Dutch coatings maker, SigmaKalon.

The new group will have approximately 15% of the world’s $85 billion (£42 billion) a year coatings industry against a 10% for PPG-SigmaKalon. Furthermore, the takeover will enhance Akzo Nobel’s position in North America and fast-growing emerging markets.

As of today, Akzo Nobel said it plans to de-list ICI from the London Stock Exchange. ICI shareholders are entitled to receive 670p for each ICI share and receive a second ordinary interim dividend of 5p per ICI share.

ICI, established in 1926, produces Dulux and Hammerite paints and other speciality products and employs over 30,000 people.

Akzo Nobel is a multi-national company headquartered in Amsterdam. The company has activities in over 80 countries and employs over 60,000 people.

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